[ET Net News Agency, 8 February 2021] Nomura cut its target price for SMIC (00981) to
HK$16 from HK$17 and maintained its "reduce" rating.
The research house said SMIC's 2021 guidance was disappointing. But, Nomura believes the
10% fall in its share price on 5 February after the earnings call could be attributed
to the uncertainty over US approval for its supply to Huawei.
While SMIC announced further capacity expansion (10k/+45k for 12"/8" mature nodes) by
the end-2021, Nomura said the plan will not materialize without the US's approval for
vendors.
Nomura revised up its 2021 EPS forecast by 33% to reflect a better foundry pricing
environment and utilization rate (UTR) but lowered the 2022 earnings estimate by 74% on
rising depreciation costs and lower UTR assumptions amid US restriction risks. (KL)
|
|
|
|
|
|
|
|
|
|
Super Quote | Detail Quote | Interactive Chart | Transaction | Related News | Related Securities | Company Information | Dividend Records | Short Sell
00981 SMIC
Nominal 
14.520 +0.340 (+2.398%) Research Report
08/02/2021 17:18
{I-bank focus}Nomura cuts SMIC (00981) to HK$16; "reduce"
| Remark: | Real time quote last updated: 18/04/2024 17:59 |
| Real-time basic market prices of Hong Kong securities are provided by HKEx; a Designated Website authorized by the HKEx Group to provide the Service |